NEW DELHI: The Bharti group has exited the education business, selling group company
Centum Learning to Everonn Education.
The Bharti Family Office, which manages investmentsmade by the promoters of the group in their personal capacity, will receive a combination of cash and equity shares in Everonn. Bharti group declined to reveal the deal size or their stake in the combined entity.
The deal is part of the Bharti group's plans to exit non-core businesses. "This transaction is in line with our stated objective of focusing our energies on our core businesses," Centum chairman Rakesh Bharti Mittal said
BSE-listed Everonn rose more than 3% after the announcement and closed at 169.10. The company is now run by the Dubai-based Varkey Group/GEMS Education after Everonn's former managing director P Kishore quit last year on accusations of bribery by the CBI. The company's stock had tanked last month on speculation on liquidation by investors.
Everonn Education provides end-to-end training programmes and skill development solutions.
"With this acquisition, Everonn will expand its reach in the Indian training space by adding corporate training, the flagship product of Centum, as a new vertical," Everonn Education director and CEO of GEMS Education India Rakesh Sharma said.
"Other business segments of Centum (skill development, employment generation, professional education & training) will seamlessly integrate with the existing verticals of Everonn." Centum works with over 350 global companies for their training requirements.
The Bharti Family Office, which manages investmentsmade by the promoters of the group in their personal capacity, will receive a combination of cash and equity shares in Everonn. Bharti group declined to reveal the deal size or their stake in the combined entity.
The deal is part of the Bharti group's plans to exit non-core businesses. "This transaction is in line with our stated objective of focusing our energies on our core businesses," Centum chairman Rakesh Bharti Mittal said
BSE-listed Everonn rose more than 3% after the announcement and closed at 169.10. The company is now run by the Dubai-based Varkey Group/GEMS Education after Everonn's former managing director P Kishore quit last year on accusations of bribery by the CBI. The company's stock had tanked last month on speculation on liquidation by investors.
Everonn Education provides end-to-end training programmes and skill development solutions.
"With this acquisition, Everonn will expand its reach in the Indian training space by adding corporate training, the flagship product of Centum, as a new vertical," Everonn Education director and CEO of GEMS Education India Rakesh Sharma said.
"Other business segments of Centum (skill development, employment generation, professional education & training) will seamlessly integrate with the existing verticals of Everonn." Centum works with over 350 global companies for their training requirements.
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